Banc of California (NYSE:BANC) Announces Earnings Results

Banc of California (NYSE:BANC) released its earnings results on Wednesday. The bank reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01, FiscalAI reports. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.The firm had revenue of $275.97 million for the quarter, compared to analysts’ expectations of $291.28 million.

Banc of California Trading Down 1.1%

Shares of Banc of California stock traded down $0.20 during midday trading on Wednesday, reaching $18.36. The company had a trading volume of 4,204,533 shares, compared to its average volume of 2,939,771. The stock has a fifty day moving average price of $18.21 and a 200 day moving average price of $18.54. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market cap of $2.75 billion, a PE ratio of 15.56 and a beta of 0.74. Banc of California has a fifty-two week low of $12.98 and a fifty-two week high of $21.61.

Banc of California Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Monday, March 16th were paid a $0.12 dividend. This is an increase from Banc of California’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, March 16th. Banc of California’s payout ratio is presently 40.68%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. Wells Fargo & Company lifted their price target on Banc of California from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, March 30th. Piper Sandler cut their price target on Banc of California from $25.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, April 2nd. JPMorgan Chase & Co. cut their price target on Banc of California from $25.00 to $20.50 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Finally, Keefe, Bruyette & Woods lifted their price target on Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.27.

Hedge Funds Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Triumph Capital Management lifted its stake in shares of Banc of California by 32.8% in the fourth quarter. Triumph Capital Management now owns 2,025 shares of the bank’s stock worth $39,000 after acquiring an additional 500 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Banc of California by 4.5% in the fourth quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank’s stock worth $283,000 after acquiring an additional 637 shares during the period. Maryland State Retirement & Pension System lifted its stake in shares of Banc of California by 4.2% in the fourth quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank’s stock worth $379,000 after acquiring an additional 783 shares during the period. Amundi lifted its stake in shares of Banc of California by 5.6% in the third quarter. Amundi now owns 23,048 shares of the bank’s stock worth $410,000 after acquiring an additional 1,222 shares during the period. Finally, LPL Financial LLC lifted its stake in shares of Banc of California by 7.1% in the fourth quarter. LPL Financial LLC now owns 20,004 shares of the bank’s stock worth $386,000 after acquiring an additional 1,322 shares during the period. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.